Beneficiaries of the Bank of Mum and Dad still need to agree bail-out clause
First time buyers are finding themselves increasingly reliant on the Bank of Mum and Dad as they struggle to find deposits or negotiate bridging loans to secure their dream home. But family law specialists at Clarke Willmott LLP have warned that reliance on parents could backfire badly in the event of a relationship breakdown – whether yours or theirs! Rayner Grice, family law specialist and partner at Clarke Willmott, says doing business with the bank of Mum and Dad requires the same degree of attention to the small print as any professional financial transaction.